Insurances in Germany: Everything you need to know!

Which Insurances are common in Germany:

The insurance system in Germany is often considered one of the most comprehensive and highly-regulated in the world. Here are some key differences between the insurance system in Germany and other countries:

1. Health insurance (Krankenversicherung): In Germany, health insurance is mandatory for all residents. There are two types of health insurance: statutory health insurance (SHI) and private health insurance (PHI). SHI is required for those who earn less than a certain amount of money per year, while PHI is available for those who earn more. The healthcare system in Germany is highly-regulated and covers a wide range of services, including preventative care, hospital treatment, and rehabilitation.
2. Social insurance (Sozialversicherung): Germany has a comprehensive system of social insurance that includes unemployment insurance, pension insurance, accident insurance, and long-term care insurance. Employers and employees both contribute to these insurance programs.
3. Car insurance (Kfz-Versicherung): Car insurance in Germany is mandatory for all drivers, and there are several types of coverage available. Liability insurance is required by law and covers damage to other people’s property or injuries they may sustain in an accident. Comprehensive coverage is optional and covers damage to your own vehicle.
4. Home insurance (Hausratversicherung): Home insurance is not mandatory in Germany, but it is recommended. It typically covers damage to your home and belongings caused by events such as fire, theft, or natural disasters.
5. Insurance regulation (Versicherungsbedingungen): The insurance industry in Germany is highly-regulated by the government. Insurance companies must meet strict financial and solvency requirements, and policies are standardized to ensure that consumers are protected.

Overall, the insurance system in Germany places a strong emphasis on social welfare and protecting citizens from financial risks associated with healthcare, accidents, and other events.

Where i can buy a insurance and what is the cheapest and convinient way:

You can buy insurance in Germany from insurance companies, brokers, or online comparison websites. Here are some options:

1. Insurance companies: There are several insurance companies in Germany that offer a range of insurance products, including health insurance, car insurance, home insurance, and liability insurance. Some popular insurance companies in Germany include Allianz, AXA, HDI, Württembergische & Wüstenrot, Signal Iduna, and HUK-Coburg.
2. Insurance brokers: Insurance brokers can help you find the right insurance products for your needs and budget. They work with multiple insurance companies to find the best coverage options for you. Some popular insurance brokers in Germany include Check24 and Verivox.
3. Online comparison websites: Online comparison websites allow you to compare insurance products from multiple insurance companies in one place. You can input your information and coverage needs to get personalized quotes. Some popular comparison websites in Germany include Check24, Verivox, and Tarifcheck.

In terms of finding the cheapest and most convenient way to buy insurance, it’s important to compare quotes from multiple insurance companies and consider factors such as coverage, deductibles, and premiums. Online comparison websites can be a good option for quickly comparing prices and coverage options.

However, it’s also a good idea to research insurance companies and read reviews to ensure that you are getting reliable coverage. Additionally, consider reaching out to an insurance broker or directly contacting insurance companies to negotiate rates or find special discounts.

Who sells insurances in Germany and what are Vermittler, Makler of insurance companys & which fees they ask for:

In Germany, “Vermittler” and “Makler” are both terms used to describe insurance brokers or intermediaries. The main difference between the two is that “Vermittler” generally refers to intermediaries who work with one specific insurance company, while “Makler” refers to intermediaries who work with multiple insurance companies.

Insurance brokers or intermediaries in Germany can earn their income in different ways, including commissions and fees. Here are some common ways insurance brokers or intermediaries earn money:

1. Commission-based: Many insurance brokers or intermediaries in Germany earn a commission from the insurance company for each policy they sell. The commission is usually a percentage of the premium paid by the customer.
2. Fee-based: Some insurance brokers or intermediaries in Germany charge a fee for their services, which may be a flat fee or a percentage of the premium paid by the customer. Fee-based intermediaries may also receive commissions from insurance companies.
3. Combination: Some insurance brokers or intermediaries in Germany may earn both commissions and fees for their services. For example, they may receive a commission from the insurance company for each policy sold, as well as a fee from the customer for their services.

When working with an insurance broker or intermediary in Germany, it’s important to understand how they earn their income and whether there are any additional costs or fees associated with their services. Make sure to ask questions and get a clear understanding of the fees and commissions involved before making any decisions.

Additionally, it’s important to research and compare insurance policies and prices from multiple sources to ensure that you are getting the best coverage and price for your needs.

In Germany, insurance companies can be categorized into two main types based on how they sell their policies: direct insurance companies and traditional insurance companies with offices. Here’s an overview of the differences:

1. Direct insurance companies: Direct insurance companies sell their policies directly to customers, usually online or over the phone. They typically do not have physical offices or agents. Customers can research and purchase policies on the company’s website or by calling a customer service number.
2. Traditional insurance companies with offices: These are insurance companies that have physical offices and agents who work with customers in person. Customers can visit the offices or contact the agents to discuss their insurance needs and purchase policies.

In Germany, direct insurance companies are often referred to as “Direktversicherer” or “Direktversicherungen,” while traditional insurance companies with offices are often referred to as “Versicherungen mit Filialnetz” or “Versicherungen mit Niederlassungen.”

Both direct insurance companies and traditional insurance companies with offices have their own advantages and disadvantages. Direct insurance companies may be more convenient for those who prefer to manage their insurance policies online or over the phone, while traditional insurance companies with offices may be more suitable for those who prefer to work with a personal agent or prefer face-to-face communication.

When choosing an insurance company, it’s important to consider factors such as coverage, price, customer service, and convenience. It’s also a good idea to research the reputation and financial stability of the insurance company to ensure that you are getting reliable coverage.

How are the most wellknow direct insurances in germany called:

In Germany, there are many direct insurance companies that offer a variety of insurance products, including car insurance, home insurance, liability insurance, and more. The “best” direct insurance company will depend on your individual needs and preferences. However, here are some direct insurance companies in Germany that are known for their competitive prices, good coverage, and positive customer reviews:

1. HUK24: HUK24 is a direct insurance company that specializes in car insurance. It’s known for offering affordable rates and good coverage options. HUK24 is a subsidiary of HUK-Coburg, one of the largest insurance companies in Germany.
2. CosmosDirekt: CosmosDirekt is a direct insurance company that offers a variety of insurance products, including car insurance, home insurance, and liability insurance. It’s known for its competitive prices and good customer service.
3. Direct Line: Direct Line is a direct insurance company that offers car insurance, home insurance, and pet insurance. It’s known for its simple and straightforward policies and fast claims processing.
4. AllSecur: AllSecur is a direct insurance company that offers car insurance and home insurance. It’s known for its affordable rates and good coverage options.
5. Europa Versicherung:

When choosing a direct insurance company in Germany, it’s important to compare prices and coverage options from multiple companies and read customer reviews to ensure that you are getting reliable coverage and good customer service.